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Strata-Malden
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Arranges Sale of 295-Unit Strata Apartments in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — CBRE has arranged the sale of Strata, a 295-unit apartment community located north of Boston in Malden. Built in 2000, Strata is a single-story building that houses studio, one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, resident lounge, private work pods, a fitness center and expansive socialization areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, an affiliate of Oregon-based investment firm The Green Cities Co., in the transaction. CBRE also procured the buyer, an undisclosed institutional investment firm.

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AcquisitionsNew JerseyNortheastOffice

Newmark Brokers Sale of 222,888 SF Office Property in Moorestown, New Jersey

by Taylor Williams

MOORESTOWN, N.J. — Newmark has brokered the sale of a 222,888-square-foot office property in Moorestown, located outside of Philadelphia in Southern New Jersey.The sales price was $17.6 million. Moorestown Corporate Center consists of three buildings on a 16.8-acre site. Amenities include a café with an outdoor seating area and a new fitness center. David Dolan, Angelo Brutico and Anne Klein of Newmark represented the seller, local investment firm Keystone, in the transaction. Stephen Comly and Eric DeStefano, also with Newmark, arranged acquisition financing on behalf of the buyer, regional investment firm Melrose Solomon Enterprises.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus Partners Acquires Two Industrial Buildings Totaling 68,480 SF in Holliston, Massachusetts

by Taylor Williams

HOLLISTON, MASS. — Regional investment firm Marcus Partners has purchased two industrial buildings totaling 68,480 square feet in Holliston, about 30 miles southwest of Boston. Completed in 2013, the building at 275 Hopping Brook Road totals 20,480 square feet and was fully leased to four tenants at the time of sale. Built in 2005, the facility at 330 Hopping Brook Road totals 48,000 square feet and was also fully leased at the time of sale. Cambridge Savings Bank provided acquisition financing for the deal, the seller in which was the original developer.

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AcquisitionsNortheastOfficePennsylvania

JLL Negotiates 22,230 SF Office Lease at 1735 Market Street in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — JLL has negotiated a 12-year, 22,230-square-foot office lease at 1735 Market Street, a 1.3 million-square-foot building in downtown Philadelphia. The tenant, law firm Hangley Aronchick Segal Pudlin & Schiller, will relocate from One Logan Square to the 26th floor of the a 54-story building. Mitch Marcus, Alex Breitmeyer and Jake Marcus of JLL represented the tenant in the lease negotiations. Tom Weitzel, also with JLL, along with internal agents Keith Cody and Gordon Hough, represented the landlord, New York City-based Silverstein Properties, which owns the property in partnership with Arden Group.

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Leasing ActivityNew YorkNortheastRetail

NYC Elite Gymnastics Signs 20,908 SF Retail Lease Renewal in Manhattan

by Taylor Williams

NEW YORK CITY — NYC Elite Gymnastics Inc. has signed a 20-year, 20,908-square-foot retail lease renewal in Manhattan’s Tribeca neighborhood. The company’s facility at 40 Worth St. encompasses 10,987 square feet of ground-level space, 2,761 square feet of lower-level mezzanine space and 7,160 square feet of space on the lower level. Roy Lapidus of GFP Real Estate represented both the tenant and the landlord, an entity doing business as 40 Worth Street Associates LLC, in the lease negotiations.

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The-Journal-Jersey-City
LoansMultifamilyNew JerseyNortheast

Newmark Arranges $515M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams

JERSEY CITY, N.J. — Newmark has arranged a $515 million loan for the refinancing of Phase I of The Journal, a 966-unit apartment building in Jersey City. The newly constructed building is part of a larger, $1 billion development that will feature two 63-story towers with a combined 1,723 units. The Journal also includes a 983-space parking garage, 45,000 square feet of amenity space and 40,000 square feet of retail space that is fully leased to Target. Jordan Roeschlaub, Nick Scribani and John Caraviello of Newmark arranged the loan through Blackstone on behalf of the developer, Kushner Cos.

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The-Beck-Haverhill-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Procopio Cos. Completes 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. has completed The Beck, a 290-unit multifamily project in the northern Boston suburb of Haverhill. The Beck consists of two five-story residential buildings that house studio, one- and two-bedroom units. Amenities include a clubroom, rideshare lounge, fitness center and a sports lounge with a golf simulator, as well as some 6,000 square feet of retail space. Dellbrook | JKS was the construction manager for the project, and CUBE3 was the architect. Needham Bank financed construction, which began in summer 2023. Rents start at $1,850 per month for a studio apartment.

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DevelopmentHospitalityNortheastPennsylvania

Lehigh Valley Airport Breaks Ground on 145-Room Hotel in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — The Lehigh Valley International Airport has broken ground on a 145-room hotel in Allentown. The site is a 20-acre parcel that once served as an emergency landing strip, and the new hotel will be operated under the Courtyard by Marriott brand. Nonprofit developer Provident Resources Group will own and operate the hotel via ground lease. The Lehigh County Industrial Development Authority issued four tax-exempt bonds totaling $42 million as part of the financing of the project, which also received $1 million in state funding. Construction is expected to last about two years.

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IndustrialLoansNew JerseyNortheast

JLL Secures Refinancing of Two Northern New Jersey Industrial Buildings Totaling 143,265 SF

by Taylor Williams

LINCOLN PARK, N.J. — JLL has secured the refinancing of two industrial buildings totaling 143,265 square feet in the Northern New Jersey community of Lincoln Park. The buildings were both constructed in 1985, feature clear heights of 22 feet and were fully leased at the time of sale of a combined 10 tenants. Michael Klein, Ryan Carroll and Tyler Caricato of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, The Frassetto Cos. The loan amount and direct lender were not disclosed.

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DevelopmentIndustrialNew JerseyNortheast

Larken Associates Delivers 50,000 SF Industrial Flex Project in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Locally based developer Larken Associates has delivered Flemington Junction Business Center II, a 50,000-square-foot industrial flex project located about 60 miles southwest of Manhattan. The building features a clear height of 32 feet, and units can be subdivided to spaces as small as 3,125 square feet. Core Enterprises provided construction management services for the project, construction of which began last summer.

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